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Dril-Quip Wins Equipment Supply Contract worth $40 Million
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Dril-Quip Inc. (DRQ - Free Report) announced that its wholly owned subsidiary Dril-Quip Asia Pacific Pte Ltd. along with its local representative has been awarded a $40 million contract in late June.
The contract relates to the supply of subsea drilling and production equipment as well as associated services to Kangean Energy Indonesia Ltd., a contractor for SKK Migas, for the development of its Terang/Sirasun/Batur gas fields project located offshore Indonesia.
Dril-Quip manufactures highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. The company designs and manufactures subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors, and associated pipe, drilling and production riser systems, wellhead connectors and diverters, which are used on offshore rig equipment.
The company’s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides installation and reconditioning services and rents tools for use in the installation and retrieval of its products.
Dril-Quip is viewed as an attractive long-term investment based on its highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. The equipment supplier is also in excellent financial health with a sustainable free cash flow.
Despite the downturn in subsea drilling, Dril-Quip has been able to maintain impressive margins. The company, which boasts some of the best numbers for its class, reported better-than-expected gross margin in the last reported quarter.
Dril-Quip carries a Zacks Rank #3 (Hold). Other well-ranked players from the energy sector are Chevron Corp (CVX - Free Report) , Murphy USA Inc. (MUSA - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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Dril-Quip Wins Equipment Supply Contract worth $40 Million
Dril-Quip Inc. (DRQ - Free Report) announced that its wholly owned subsidiary Dril-Quip Asia Pacific Pte Ltd. along with its local representative has been awarded a $40 million contract in late June.
The contract relates to the supply of subsea drilling and production equipment as well as associated services to Kangean Energy Indonesia Ltd., a contractor for SKK Migas, for the development of its Terang/Sirasun/Batur gas fields project located offshore Indonesia.
Dril-Quip manufactures highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. The company designs and manufactures subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors, and associated pipe, drilling and production riser systems, wellhead connectors and diverters, which are used on offshore rig equipment.
DRIL-QUIP INC Price
DRIL-QUIP INC Price | DRIL-QUIP INC Quote
The company’s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides installation and reconditioning services and rents tools for use in the installation and retrieval of its products.
Dril-Quip is viewed as an attractive long-term investment based on its highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. The equipment supplier is also in excellent financial health with a sustainable free cash flow.
Despite the downturn in subsea drilling, Dril-Quip has been able to maintain impressive margins. The company, which boasts some of the best numbers for its class, reported better-than-expected gross margin in the last reported quarter.
Dril-Quip carries a Zacks Rank #3 (Hold). Other well-ranked players from the energy sector are Chevron Corp (CVX - Free Report) , Murphy USA Inc. (MUSA - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>